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Financial Stability in Europe : Banking and Sovereign Risk

Bruha, Jan - 2017

We analyze the link between banking sector quality and sovereign risk in the whole European Union over 1999–2014. We employ four different indicators of sovereign risk (including market- and opinion-based assessments), a rich set of theoretically and empirically motivated banking sector...

Persistent link: https://www.econbiz.de/10012955275

Sovereign Default Risk and Banks in a Monetary Union

Uhlig, Harald - 2013

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

Persistent link: https://www.econbiz.de/10013076729

The Euro Area's Common Pool Problem Revisited : Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?

Steinkamp, Sven - 2017

The Single Supervisory Mechanism was introduced to eliminate the common-pool problem and limit uncontrolled lending by national central banks (NCBs). We analyze its effectiveness. Second, we model how, by forbearing and providing refinancing credit, NCBs avoid domestic resolution costs and,...

Persistent link: https://www.econbiz.de/10012945053

Target Loans, Current Account Balances and Capital Flows : The ECB's Rescue Facility

Sinn, Hans-Werner - 2013

The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to 314 billion euros in …

Persistent link: https://www.econbiz.de/10013092688

Fiscal Policy Sustainability, Economic Cycle and Financial Crises : The Case of the GIPS

Legrenzi, Gabriella Deborah - 2014

We extend previous work on the sustainability of the government's intertemporal budget constraint by allowing for non-linear adjustment of the fiscal variables, conditional on the sign of budgetary disequilibria and the phase of the economic cycle. Further, our endogenously estimated threshold...

Persistent link: https://www.econbiz.de/10013065030

Debt Sustainability and Financial Crises : Evidence from the GIIPS

Legrenzi, Gabriella Deborah - 2014

We assess the sustainability of the public finances of Greece, Ireland, Italy, Portugal and Spain (GIIPS), allowing for … effects from one Eurozone country to another …

Persistent link: https://www.econbiz.de/10013067329

Kirchgässner, Gebhard - 2010

government's popularity. This was true for Germany as well, but it does not seem to hold any longer. This paper first reviews the … price stability in Germany …

Persistent link: https://www.econbiz.de/10013149367

Assessing the Macroeconomic Forecasting Performance of Boosting - Evidence for the United States, the Euro Area, and Germany

Buchen, Teresa - 2013

to the fit. Using data for the United States, the euro area and Germany, we assess the performance of boosting when …

Persistent link: https://www.econbiz.de/10013085278

Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner - 2013

look at the components of this reversal of capital flows for the case of Germany. Its main finding is that most of the … Germany is small by comparison, with purchases of German government bonds increasing substantially, in particular by Spanish … and Irish investors. Some foreign capital even left Germany. In net terms, over the years 2008, 2009 and 2011 foreigners …

Persistent link: https://www.econbiz.de/10013088462

Oil and Vinegar : A Positive Fiscal Theory of the Euro Crisis

Blankart, Charles B. - 2013

The theory of optimal currency areas states that a currency union may succeed if the participating countries have complementary industry structures. If this is not the case a currency union does not, inevitably, have to fail because market forces will induce adjustments of the industry...

Persistent link: https://www.econbiz.de/10013074396